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Yeah so basically Nintendo keeps a very tight copyright on their intellectual property. Your best bet is to look for a fantasy MMO. I know Super Smash Bros 4 will be multiplayer. @Rya: Yeah Runescape is probably influenced by Zelda - look at all the quests they have!

Generally you will need to be looking at older games for stuff like this (Runescape, Tibia, Ultima Online, etc.).

I guess it HAS to be online, right? I could suggest you tons of offline RPGs that feel like a great open world MMORPG, but have no actual online feature.

You can? Hit me with what you've got!

Also I understand I'll be looking for older mmorpgs. I've played and loved Runescape, but it sort of has this clunky feel. I'm looking at GraalOnline now, it does look interesting so I'll probably give that one a try. Anyways thanks for the advice

How about Might & Magic VI? That's super open world and exploration. And even a little interaction with randomly generated NPCs. ;-)
You can even decide between real time combat and turn based.
If you buy the Might & Magic X Legacy Deluxe Edition, you get it for free as a bonus.

As for games more like:

I love games like Lionheart, Planescape Torment and Septerra Core.

Big titles:
Baldur's Gate
Icewind Dale
Fallout 1&2

Party play exploration:
Avernum: Escape From The Pit (and all other Spiderweb games)

Solo play exploration:
Eschalon Book I-III

Also since you said Zelda-like, how about Anodyne (for 2D) and Brave Fencer Musashi (for 3D)?

I guess that should keep you busy on the offline side. ;-)

I've played and loved Runescape, but it sort of has this clunky feel.

I heard Eldevin is like a modern Runescape, but it doesn't have a too high population.